أسامة
09-09-2002, Mon 10:52 AM
WE ARE WRITING TO INFORM YOU OF CERTAIN INDUSTRY CHANGES THAT WILL
AFFECT ALL BROKERAGE FIRMS AND YOUR TRADING ACTIVITY.
During the past two years, the NASD and the staff of the Federal
Reserve Board have issued rules and interpretations concerning active
trading in cash and margin accounts. The NASD recently provided us
further guidance concerning these rules and interpretations.
Under Federal Reserve Rules, clients must make full cash payment for
securities purchased in a cash account before those securities are
sold. For example:
At the beginning of the day, a client holds $10,000 cash in a cash
account. The client then makes the following transactions:
· The client buys a position in Company A for $10,000, applying
the $10,000 in cash to complete the purchase.
· The client then sells that position in Company A and nets
$10,000 in sale proceeds.
· Next, the client buys a position in Company B for $10,000.
· Finally, the client sells the position in Company B and nets
an additional $10,000 in sales proceeds.
Under Federal Reserve rules, the last transaction, the sale of shares
in Company B, would not be permitted because the client does not have
cash in the account to pay for the purchase of the shares of Company
B. Trading in this manner may result in a 90-day restriction limiting
purchases to the cash available in your account on trade date.
If you choose to continue to engage in the type of purchases
illustrated above, you must, depending on your circumstance:
· Add funds to your cash account; or
· Convert to a margin account. *
Certain other rules or restrictions, however, may apply to your
trading activity. Datek Customer Support is available to help you
determine the approach that is best for you. Please contact us via
@nswerbox or call us at 1-800-823-2835.
Please be assured that we will do everything possible to assist you
with making any changes you require. Thank you for your business.
Sincerely,
John Mullin
President
Datek Online Financial Services LLC
فهمت منها شويه بس ممكن ترجمه؟
AFFECT ALL BROKERAGE FIRMS AND YOUR TRADING ACTIVITY.
During the past two years, the NASD and the staff of the Federal
Reserve Board have issued rules and interpretations concerning active
trading in cash and margin accounts. The NASD recently provided us
further guidance concerning these rules and interpretations.
Under Federal Reserve Rules, clients must make full cash payment for
securities purchased in a cash account before those securities are
sold. For example:
At the beginning of the day, a client holds $10,000 cash in a cash
account. The client then makes the following transactions:
· The client buys a position in Company A for $10,000, applying
the $10,000 in cash to complete the purchase.
· The client then sells that position in Company A and nets
$10,000 in sale proceeds.
· Next, the client buys a position in Company B for $10,000.
· Finally, the client sells the position in Company B and nets
an additional $10,000 in sales proceeds.
Under Federal Reserve rules, the last transaction, the sale of shares
in Company B, would not be permitted because the client does not have
cash in the account to pay for the purchase of the shares of Company
B. Trading in this manner may result in a 90-day restriction limiting
purchases to the cash available in your account on trade date.
If you choose to continue to engage in the type of purchases
illustrated above, you must, depending on your circumstance:
· Add funds to your cash account; or
· Convert to a margin account. *
Certain other rules or restrictions, however, may apply to your
trading activity. Datek Customer Support is available to help you
determine the approach that is best for you. Please contact us via
@nswerbox or call us at 1-800-823-2835.
Please be assured that we will do everything possible to assist you
with making any changes you require. Thank you for your business.
Sincerely,
John Mullin
President
Datek Online Financial Services LLC
فهمت منها شويه بس ممكن ترجمه؟